Morning Minutes

Markets Rally Ahead of Quarter End and North American Holidays




Building on yesterday’s positive US economic news, that included an upward revision to Q1 GDP growth to 2.0% and better than expected weekly jobless claims, US index futures are up 0.25% to 0.50% this morning.

European markets are also on the rise this morning with Frankfurt and Paris both up about 1.0% and London up 0.7%. Investors have responded positively to a better then expected China Non-Manufacturing PMI (53.2 vs street 50.8), and some positive minor data out of the UK and Europe today. Commodities are moderately positive on this news with WTI Crude Oil up 0.1% and Copper up 0.4%.

A lot more data is on the way over the next several days. This morning US Core PCE Inflation (street 4.7%) and Canada April GDP (street 0.2%) are due at 8:30 am EDT, followed by Chicago PMI (street 63.9) at 9:45 am EDT). July and the second half of the year kick off Monday with Manufacturing PMI reports from around the world and US Construction Spending.

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Colin Cieszynski, Chief Market Strategist

Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428

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